First Citizens BancShares (NASDAQ:FCNCA) Sets New 52-Week High – Still a Buy?

First Citizens BancShares, Inc. (NASDAQ:FCNCA)’s stock price reached a new 52-week high on Thursday . The stock traded as high as $2,296.30 and last traded at $2,290.8130, with a volume of 4793 shares trading hands. The stock had previously closed at $2,271.31.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on FCNCA shares. Weiss Ratings raised shares of First Citizens BancShares from a “hold (c+)” rating to a “buy (b)” rating in a research note on Tuesday. Citigroup reaffirmed a “neutral” rating on shares of First Citizens BancShares in a research note on Friday, July 24th. Piper Sandler increased their target price on First Citizens BancShares from $2,050.00 to $2,100.00 and gave the company a “neutral” rating in a report on Monday, July 27th. Barclays raised their price target on First Citizens BancShares from $2,346.00 to $2,376.00 and gave the stock an “equal weight” rating in a research report on Monday, July 27th. Finally, Truist Financial boosted their price target on First Citizens BancShares from $2,150.00 to $2,323.00 and gave the stock a “hold” rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, First Citizens BancShares presently has a consensus rating of “Hold” and an average target price of $2,278.31.

First Citizens BancShares Price Performance

The company has a market capitalization of $25.87 billion, a price-to-earnings ratio of 12.25, a price-to-earnings-growth ratio of 1.73 and a beta of 0.62. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 1.59. The company has a 50 day simple moving average of $2,134.16 and a 200 day simple moving average of $2,024.78.

First Citizens BancShares (NASDAQ:FCNCA) last issued its earnings results on Thursday, July 23rd. The bank reported $57.09 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $56.68. The business had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.16 billion. First Citizens BancShares had a net margin of 16.28% and a return on equity of 12.07%. As a group, research analysts predict that First Citizens BancShares, Inc. will post 190.06 EPS for the current year.

First Citizens BancShares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Monday, August 31st will be given a $2.10 dividend. This represents a $8.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Monday, August 31st. First Citizens BancShares’s dividend payout ratio is presently 4.49%.

Insider Transactions at First Citizens BancShares

In related news, CEO Frank B. Holding, Jr. bought 528 shares of the business’s stock in a transaction dated Friday, June 5th. The shares were acquired at an average price of $1,813.37 per share, for a total transaction of $957,459.36. Following the purchase, the chief executive officer owned 64,100 shares in the company, valued at $116,237,017. This trade represents a 0.83% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders have acquired 1,250 shares of company stock valued at $2,316,557 over the last 90 days. Corporate insiders own 14.63% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of FCNCA. Hiddenite Capital Partners LP acquired a new position in First Citizens BancShares in the 4th quarter valued at $6,868,000. Check Capital Management Inc. CA lifted its position in First Citizens BancShares by 21.0% during the 4th quarter. Check Capital Management Inc. CA now owns 42,788 shares of the bank’s stock worth $91,831,000 after acquiring an additional 7,424 shares during the last quarter. Barr E S & Co. boosted its holdings in First Citizens BancShares by 33.2% during the fourth quarter. Barr E S & Co. now owns 5,995 shares of the bank’s stock valued at $12,866,000 after acquiring an additional 1,495 shares during the period. PNC Financial Services Group Inc. boosted its holdings in First Citizens BancShares by 181.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,438 shares of the bank’s stock valued at $3,087,000 after acquiring an additional 927 shares during the period. Finally, United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new stake in shares of First Citizens BancShares in the fourth quarter valued at about $5,226,000. 78.01% of the stock is owned by institutional investors and hedge funds.

About First Citizens BancShares

First Citizens BancShares, Inc is the bank holding company for First Citizens Bank, a full‑service commercial bank headquartered in Raleigh, North Carolina. The company traces its roots to a community bank founded in 1898 and has grown into a diversified financial services organization that operates through its banking subsidiary to serve retail, commercial and institutional clients.

First Citizens offers a broad suite of banking products and services, including consumer and business deposit accounts, commercial and industrial lending, real estate and mortgage lending, treasury and cash management, and specialized lending solutions.